The United States has reached its debt ceiling, which must be regularly raised by a vote in Congress in mid-January. Republicans, who have had a slight majority in the House of Representatives since early January, and Democrats have since entered a political tug-of-war.
Republicans linking the increase in the debt ceiling to a cut in federal government spending to validate a deal. A default "would cause an economic and financial catastrophe," warned Janet Yellen on 25th April. The current parliamentary session provides for only 12 days of debate on Capitol Hill between now and June 1.